The death of capital : how creative policy can restore stability / Michael E. Lewitt.

Format:

Book

Author/Creator:

Lewitt, Michael E.

Language:

English

Subjects (All):

Capital.

Capitalism--United States.

Capitalism.

Finance--United States.

Finance.

Global Financial Crisis, 2008-2009.

Physical Description:

1 online resource (307 p.)

Edition:

1st ed.

Place of Publication:

Hoboken, N.J. : John Wiley & Sons, c2010.

Language Note:

English

Summary:

In The Death of Capital, respected portfolio manager and longtime investment professional Michael Lewitt looks at how the U.S. economy has increasingly been dominated by short-term speculation rather than industrial expansion in recent years. These disastrous trends, described here as financialization, ignore the fact that capital itself is a highly unstable process rather than a fixed object or category. As a result of our failure to understand the true nature of capital, we have developed a financial and regulatory system that does exactly the opposite of what it should be doing-favor

Contents:

The Death of Capital: How Creative Policy Can Restore Stability; Contents; Acknowledgments; Introduction: The 2008 Crisis-Tragedy or Farce?; Seeds of Instability; A Word on Speculation; Financialization; The Corruption of Moral Sentiments; Low Rates and Lax Rules; The Global Liquidity Bubble; A Crisis of Confidence; Why Finance Matters; Global Threats Require Systemic Stability; A Few Words about This Book; Chapter 1: The Death of Capital; The Four Essential Characteristics of Capital; How Capital Dies; The Failure of Risk Management; Chapter 2: Capital Ideas

Adam Smith and the Tyranny of Crowds Karl Marx and the Origins of Opacity; John Maynard Keynes; Hyman Minsky; Lessons on Capital from the Masters; Chapter 3: Empty Promises; Promises Aren't What They Used to Be; The Digitalization of Promises; Collateralized Mortgage Obligations; HSBC Drinks the Mortgage Kool-Aid; A Fetish Is Not a Promise; Chapter 4: Financialization; Money Begetting Money; Power Begetting Power; Theories of Financialization; The Monetization of Values; Chapter 5: From Innovators to Undertakers; The History of Private Equity Funds; From Boom to Bust

Private Equity Fees: The New Agency Problem The Myth of Private Equity Returns; Men Behaving Badly; Private Equity and Cheap Debt: Birds of a Feather Flop Together; Private Equity Goes Public: A Study in the Oxymoronic; Taxing Labor as Capital; Calling Dr. Kervorkian?; Private Equity: The Long-Term Damage; Reform of Private Equity Firms; Chapter 6: Welcome to Jurassic Park; Isla Nublar; The New DNA of Finance; Warning Signs; Dinosaurs Turn on Their Makers; Bear Stearns: First Casualty; American International Group (AIG)-Second Casualty; The Bond Insurers-Third Casualty

Taming the Beasts (Regulating Credit Derivatives)Chapter 7: The Road to Hell; Satan in the Garden; Reverse Black Swans; Birth of the Prudent Man; The Fallacy of Diversification; Chapter 8: Finance after Armageddon; Obama Goes to Wall Street; Principles of Reform; Impose a Tax on Speculation; End Balkanized Regulation; Too Big to Fail; Improving Capital Adequacy; Reforming Monetary Policy; Enhancing Systemic Transparency; Conclusion: "This Is Later"; Notes; Bibliography and Other Sources; About the Author; Index

Notes:

Description based upon print version of record.

Description based on publisher supplied metadata and other sources.

Includes bibliographical references and index.

ISBN:

1-282-54842-5

9786612548420

0-470-62235-0

0-470-62116-8

OCLC:

815954899